Given a consumption function C = 10 + 0.6Y, determine the value of C if...

Economics

JAMB 2017

Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20

A. 36.60
B. 22.00
C. 30.60
D. 26.00

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Correct Answer: Option B

Explanation

Given C = 10 + 0.6Y when Y = 20
Substitute for the value of Y in the equation to calculate the actual value for C
Therefore, C = 10 + 0.6(20)
C = 10 + 12
C = 22.00

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Given a consumption function C = 10 + 0.6Y, determine the value of C if...

Correct Answer: Option B

Explanation

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